CHARLOTTE, N.C.–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) introduced these days that Wells Fargo Bank, N.A. Has agreed with Principal Financial Group® (Nasdaq: PFG) to promote its Institutional Retirement & Trust (IRT) business, which includes its retirement plan recordkeeping and administrative offerings (401(k) and pension plans), executive deferred reimbursement (non-certified plans), institutional belief and custody, and institutional asset advisory corporations. The transaction, which is expected to close early within the 0.33 area of 2019, concern with the receipt of required regulatory approval, will undoubtedly create one of the most crucial retirement companies in the industry.
“The Institutional Retirement and Trust enterprise is nicely-controlled, award-winning, and extraordinarily respected within the marketplace,” stated Jon Weiss, head of Wells Fargo Wealth & Investment Management. “The scale derived from an aggregate of IRT and the Principal Financial Group will advantage clients, plan individuals, and group participants. At the same time, this sale reflects Wells Fargo’s approach to recognizing our resources in regions where we can develop and maximize opportunities within wealth, brokerage, and asset management.”
IRT is a countrywide leader in presenting overall retirement management, executive deferred compensation, investments, and consider and custody solutions tailor-made to fulfill institutional clients’ needs. As of Dec. 31, 2018, the division had $827 billion in property under management and served 3.9 million 401(ok) members and pensioners.
Principal Financial Group® serves over 24 million customers with retirement, asset control, and coverage solutions to help them construct and guard their financial well-being. Founded a hundred and forty years ago, Principal was founded in Des Moines, Iowa, with 16,000 personnel located around the world.
